Indian equity markets may open lower on Wednesday as SGX Nifty was in red ahead of the session, hinting at a negative start for NSE Nifty 50 and BSE Sensex. “Markets may witness some consolidation or pause after the recent decline however mixed trends across sectors would continue to offer trading opportunities across the board. Besides, the beginning of the MPC meet and global cues would keep the volatility high. We feel it’s prudent to continue with the defensive pack for long trades until we see some stability,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 28 September, Wednesday
Reliance: Reliance Retail announced the opening of its fashion & lifestyle departmental store, Reliance Centro. This is the first such outlet by Mukesh Ambani’s Reliance Industries conglomerate, and is located in Vasant Kunj, New Delhi. The store will compete against the likes of Shoppers Stop, Lifestyle International, and other fashion & lifestyle departmental stores. Reliance Centro will strengthen its reach and connect with consumers in India – right from categories like apparels, footwear, cosmetics, lingerie, sportswear to luggage and accessories with over 300 Indian and International brands, the company said.
Adani Group stocks: The Adani Group will invest $100 billion over the next decade in new energy and digital spaces, which includes data centres, chairman and founder Gautam Adani said at the Forbes Global CEO conference in Singapore on Tuesday. “As a group, we will invest over $100 billion of capital in the next decade. We have earmarked 70% of this investment for the energy transition space,” Adani said.
HCL Technologies: HCL Technologies launched its new logo and brand identity on Monday. The company’s HCLTech brand and logo will represent its differentiated portfolio of services and products that supercharge digital transformation for enterprises at scale, it claims. The company is also said to be close to the $12 billion revenue mark. HCLTech Chairperson, Roshni Nadar Malhotra said the new brand positioning – Supercharging Progress— will help the company accelerate digital transformation for clients while contributing to a sustainable planet and upliftment of local communities across its global footprint.
Birla Corporation: The MP Birla Group flagship, is planning to invest at least $1 billion over the next eight years to ramp up its production capacity to 30 million tonnes by 2030. The cement maker’s production capacity currently stands at around 20 million tonnes per annum. The capacity addition would be by way of greenfield and brownfield projects as well as debottlenecking across its various plants, chairman HV Lodha said after the company’s annual general meeting (AGM).
Torrent Pharma: Torrent Pharmaceuticals on Tuesday said it will wholly acquire Curatio Healthcare for Rs 2,000 crore to strengthen its presence in the dermatology segment. “The consideration includes Rs 115 crore (on the date of signing) of cash and cash equivalents in the acquired business, indicating an enterprise value of Rs 1,885 crore,” the company said in a statement.
IDBI Bank: The central government is likely to invite expression of interest (EoI) for the strategic disinvestment of IDBI Bank in the first week of October, a senior official told FE. Earlier, it was expected to be floated in September. With the regulators – Reserve Bank of India (RBI) and market regulator Sebi — willing to provide the required flexibility in norms, the government is set to float the EoI.
Dish TV: Shareholders of direct-to-home service provider Dish TV have rejected four resolutions, including the adoption of company’s financial statements for FY21 and FY22, and the appointment of independent director Rakesh Mohan. The company had sought approvals from the shareholders for six resolutions at its AGM held on Monday, out of which the ratification of remuneration of cost auditors for financial years 2021-22 and 2022-23 were approved, according to a regulatory filing.